Multicoin Capital has launched a new cryptocurrency fund that will invest in blockchain-based tokens.
The firm is looking to close its flagship fund on $250m by the end of Q2 2018.
Contributions to the vehicle came from Craft Ventures’ David Sacks and Bill Lee, Marc Andreessen, Chris Dixon, Compound, Vy Capital, Passport Capital, mark VC’s Adam Zeplain, Blocktower’s Ari Paul, and Elad Gil.
The firm is looking to back tokens that will ‘reshape’ the entire global economy and will invest after researching the blockchain protocol, team, and market opportunity, according to the firm. Multicoin creates reports on tokens which provides detailed analysis, with the firm having completed reports on IOTA, 0X, Factom, Ripple and Augur.
Multicoin Capital co-founder and managing partner Kyle Samani said, “Today there are more than 200 crypto hedge funds in the mix. We stand out by simply doing what other investors like Buffet and Graham did in the stock market. We seek to build a brand and a reputation that accurately mirrors the intellectual rigor we put into each and every position we take.”
Late last year, Civic founder Vinny Lingham joined the firm as a general partner.
Earlier in the month, cryptocurrency wallet Coinbase launched an Index Fund to invest in digital assets. The vehicle is open to US-based accredited investors and will help connect them to digital assets.
Of the $855m that was invested in to cryptocurrency technology developers last year, around 63 per cent was deployed to North America, according to data FinTech Global.